Dr. Dirk Geerts: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Dr. Dirk Geerts
Largest movements
- Current investments +€96,172
up €96,172 (+64.0%), from €150,375 to €246,547
- Cash -€56,676
down €56,676 (-60.4%), from €93,780 to €37,104
mainly Current investments (-€96,172) and Trade debts (-€31,422)
- Tangible fixed assets -€9,797
down €9,797 (-12.1%), from €80,885 to €71,088
of which Furniture and vehicles: -€15,760
- Reserves +€61,423
up €61,423 (+25.7%), from €239,392 to €300,815
of which Distributable reserves: +€61,423
- Trade debts -€31,422
down €31,422 (-99.7%), from €31,510 to €87
- Gross operating margin +€19,019
up €19,019 (+21.8%), from €87,099 to €106,118
- Depreciation +€13,641
up €13,641 (+412%), from €3,314 to €16,955
- Taxes -€3,513
down €3,513 (-11.2%), from €31,234 to €27,721
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,391 | €356,892 | +€29,501 | +9.0% |
| Fixed assets | 21/28 | €80,885 | €71,088 | -€9,797 | -12.1% |
| Tangible fixed assets | 22/27 | €80,885 | €71,088 | -€9,797 | -12.1% |
| Plant, machinery and equipment | 23 | €2,846 | €8,992 | +€6,146 | +216% |
| Furniture and vehicles | 24 | €77,841 | €62,080 | -€15,760 | -20.2% |
| Other tangible fixed assets | 26 | €198 | €16 | -€182 | -91.9% |
| Current assets | 29/58 | €246,507 | €285,804 | +€39,297 | +15.9% |
| Current investments | 50/53 | €150,375 | €246,547 | +€96,172 | +64.0% |
| Cash at bank and in hand | 54/58 | €93,780 | €37,104 | -€56,676 | -60.4% |
| Deferred charges and accrued income | 490/1 | €2,352 | €2,152 | -€199 | -8.5% |
| Total equity and liabilities | 10/49 | €327,391 | €356,892 | +€29,501 | +9.0% |
| Equity | 10/15 | €272,591 | €334,014 | +€61,423 | +22.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €239,392 | €300,815 | +€61,423 | +25.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €237,532 | €298,955 | +€61,423 | +25.9% |
| Profit (loss) carried forward | 14 | €20,799 | €20,799 | +€0 | 0.0% |
| Amounts payable | 17/49 | €54,800 | €22,877 | -€31,922 | -58.3% |
| Amounts payable within one year | 42/48 | €54,800 | €22,877 | -€31,922 | -58.3% |
| Trade debts | 44 | €31,510 | €87 | -€31,422 | -99.7% |
| Suppliers | 440/4 | €31,510 | €87 | -€31,422 | -99.7% |
| Taxes, remuneration and social security | 45 | €18,192 | €18,585 | +€394 | +2.2% |
| Taxes | 450/3 | €18,192 | €18,585 | +€394 | +2.2% |
| Other amounts payable | 47/48 | €5,098 | €4,205 | -€894 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,314 | €16,955 | +€13,641 | +412% |
| Other operating charges | 640/8 | €1,472 | €1,398 | -€74 | -5.0% |
| Gross operating margin | 9900 | €87,099 | €106,118 | +€19,019 | +21.8% |
| Operating profit (loss) | 9901 | €82,313 | €87,766 | +€5,452 | +6.6% |
| Financial income | 75/76B | €1,807 | €1,687 | -€120 | -6.6% |
| Recurring financial income | 75 | €1,807 | €1,687 | -€120 | -6.6% |
| Financial charges | 65/66B | €648 | €308 | -€340 | -52.4% |
| Recurring financial charges | 65 | €648 | €308 | -€340 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €83,472 | €89,144 | +€5,672 | +6.8% |
| Income taxes | 67/77 | €31,234 | €27,721 | -€3,513 | -11.2% |
| Profit (loss) for the period | 9904 | €52,239 | €61,423 | +€9,184 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,239 | €61,423 | +€9,184 | +17.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.